Wang Yi: China and the United States (US) Stop Imposing New Additional Tariffs on Each Other

2018/12/02

On the evening of December 1, 2018 local time, when briefing the Chinese and foreign media on the meeting between the heads of state of China and the United States (US), State Councilor and Foreign Minister Wang Yi expressed that the two heads of state had very positive and constructive discussions on the economic and trade issues. Both sides have reached consensus and agreed to stop imposing new additional tariffs on each other. The two sides put forward a series of constructive proposals on how to properly resolve the existing differences and questions. The Chinese side is willing to expand imports based on the needs of its domestic market and people, including importing marketable products from the US to gradually ease the trade imbalances. Both sides agreed to open market to each other and gradually resolve the reasonable concerns of the US side in the process of furthering China's new round of reform and opening up. Work teams of the two sides will follow the principled consensus reached by the two heads of state, and step up negotiations toward the removal of all additional tariffs, so as to reach a specific agreement with mutual benefit and win-win results at an early date.

Both sides believed that the principled consensus mentioned above is of great significance, which not only effectively stops further escalation of economic and trade frictions, but also opens up new prospects for bilateral win-win cooperation; the consensus will not only benefit the respective development of China and the US as well as the well-being of the two peoples, but also be conducive to the stable growth of the global economy and conform to the interests of various countries. Facts have proven that the common interests between China and the US outweigh their differences and the need of cooperation is greater than that of frictions. As long as both sides follow the spirit of mutual respect, accommodate each other's concerns and engage in serious dialogue with an equal attitude, we can find solutions featuring win-win cooperation to the problems.